20th Feb 2014 08:41
LONDON (Alliance News) - Royal Bank of Scotland Group PLC has agreed to pay USD275 million to settle a US lawsuit related to the sale of mortgage-backed securities in the years building up to the financial crisis, the Financial Times reported Wednesday.
According to the FT the settlement relates to claims that the bank, which needed a bailout in 2008 after its acquisition of dutch bank ABN Amro, "misrepresented the quality of loans packaged and sold as mortgage securities."
The FT said the settlement will be covered by provisions previously set aside by RBS.
It said RBS confirmed it agreed to pay USD275 million to New Jersey Carpenters Vacation Fund amongst other claimants.
http://www.ft.com/cms/s/0/bd8155c2-997a-11e3-91cd-00144feab7de.html#axzz2tqIAQviP
By Samuel Agini; [email protected]; @samuelagini
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